Investing.com – The Canadian dollar ended the week higher against the U.S. dollar on Friday as strong Chinese economic data bolstered the outlook for commodity linked currencies and offset disappointing domestic employment data.

USD/CAD hit lows of 1.0273 on Friday, the lowest since August 1, before settling at 1.0285, 0.39% lower for the day and down 0.68% for the week.

The pair is likely to find support at 1.0244, the low of July 31 and resistance at 1.0402, the high of August 5.

Official data on Friday showed that Chinese industrial output rose significantly more-than-forecast in July and consumer price inflation remained unchanged.

Chinese trade data released Thursday showed that both imports and exports rose in June, indicating that the slowdown in the economy is stabilizing.

In Canada, official data on Friday showed that the economy unexpectedly shed jobs July and the unemployment rate ticked higher.

Statistics Canada said the economy lost 39,400 jobs last month, as public sector employment declined, while the unemployment rate rose to 7.2% from 7.1% in June. Economists had expected the economy to gain 10,000 jobs in July and the unemployment rate to remain unchanged.

The greenback remained under pressure amid ongoing uncertainty over whether the Federal Reserve will decide to begin tapering its USD85 billion-a-month asset purchase program in September.

In the week ahead, investors will be closely watching U.S. data on retail sales and consumer inflation, as well as reports from the housing and manufacturing sectors for indications of the strength of the economic recovery.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Monday as there are no relevant events on this day.

Tuesday, August 13

The U.S. is to publish government data on retail sales, import prices and business inventories.

Wednesday, August 14

The U.S. is to release official data on producer price inflation later Wednesday.

Thursday, August 15

The U.S. is to release a series of economic data, with reports on consumer inflation, jobless claims, industrial production and manufacturing data from the Empire state and the Philly Fed.

Friday, August 16

Canada is to publish official data on manufacturing sales and foreign securities purchases.

The U.S. is to round up the week with data on building permits, a leading indicator of future construction sector activity, as well as data on housing starts. The University of Michigan is to release its closely watched preliminary data on consumer sentiment.

Investing.com – Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com or Follow us on Twitter at @InvestingCom

Investing.com – The Canadian dollar ended the week higher against the U.S. dollar on Friday as strong Chinese economic data bolstered the outlook for commodity linked currencies and offset disappointing domestic employment data.

USD/CAD hit lows of 1.0273 on Friday, the lowest since August 1, before settling at 1.0285, 0.39% lower for the day and down 0.68% for the week.

The pair is likely to find support at 1.0244, the low of July 31 and resistance at 1.0402, the high of August 5.

Official data on Friday showed that Chinese industrial output rose significantly more-than-forecast in July and consumer price inflation remained unchanged.

Chinese trade data released Thursday showed that both imports and exports rose in June, indicating that the slowdown in the economy is stabilizing.

In Canada, official data on Friday showed that the economy unexpectedly shed jobs July and the unemployment rate ticked higher.

Statistics Canada said the economy lost 39,400 jobs last month, as public sector employment declined, while the unemployment rate rose to 7.2% from 7.1% in June. Economists had expected the economy to gain 10,000 jobs in July and the unemployment rate to remain unchanged.

The greenback remained under pressure amid ongoing uncertainty over whether the Federal Reserve will decide to begin tapering its USD85 billion-a-month asset purchase program in September.

In the week ahead, investors will be closely watching U.S. data on retail sales and consumer inflation, as well as reports from the housing and manufacturing sectors for indications of the strength of the economic recovery.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Monday as there are no relevant events on this day.

Tuesday, August 13

The U.S. is to publish government data on retail sales, import prices and business inventories.

Wednesday, August 14

The U.S. is to release official data on producer price inflation later Wednesday.

Thursday, August 15

The U.S. is to release a series of economic data, with reports on consumer inflation, jobless claims, industrial production and manufacturing data from the Empire state and the Philly Fed.

Friday, August 16

Canada is to publish official data on manufacturing sales and foreign securities purchases.

The U.S. is to round up the week with data on building permits, a leading indicator of future construction sector activity, as well as data on housing starts. The University of Michigan is to release its closely watched preliminary data on consumer sentiment.

Investing.com – Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com or Follow us on Twitter at @InvestingCom